‘Largest Offshore Wind Transaction of Decade’ | Iberdrola, Masdar Ink East Anglia Three Co-Investment

July 10, 2025, by Adrijana Buljan

Spanish renewable energy developer Iberdrola and UAE clean energy company Masdar have signed an agreement to co-invest in the 1.4 GW East Anglia Three project in the UK through what the partners say is the largest offshore wind transaction of the decade.

Under the agreement, after the closing of the transaction, which is expected shortly, each company will have a 50 per cent stake in and co-governance of East Anglia Three.

Furthermore, the partners signed the project financing for the 1.4 GW offshore wind farm for approximately EUR 4.1 billion with 24 international banks on 9 July.

“Oversubscribed by 40%, the facility is one of the largest ever such transactions. It will cover a substantial part of the total costs of the project, estimated at approximately €5.2 billion, without consolidating debt in any of the partners’ financial statements”, Iberdrola said in a press release on 10 July.

Construction of East Anglia Three has already started, with foundation and export cable installation currently underway.

Offshore Construction Starts on 1.4 GW East Anglia Three Offshore Wind Farm

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Export Cable Installation to Start at East Anglia Three

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Developed and being built by Iberdrola’s UK arm, ScottishPower Renewables, East Anglia Three is located 69 kilometres off the coast of Suffolk, where 95 Siemens Gamesa 14+ MW wind turbines will be installed as part of the project.

The 1.4 GW offshore wind farm is scheduled to enter initial operation in the fourth quarter of 2026, and once fully commissioned will deliver enough clean energy to power 1.3 million British homes, according to Iberdrola.

The project secured a 15-year CPI-linked Contract for Difference (CfD) through the UK government’s AR4 and AR6 CfD auctions, and has a Power Purchase Agreement (PPA) with Amazon.

Masdar is co-investing in East Anglia Three under the EUR 15 billion strategic partnership with Iberdrola that the two companies signed in December 2023. According to the two companies, the Masdar–Iberdrola partnership is one of the largest bilateral alliances in the global clean energy sector.